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UAE seeks to cut inflation to 5%
- United Arab Emirates: Wednesday, March 12 - 2008 at 14:00
The UAE will implement a series of measures - including a cap on some food prices - in a move to cut its inflation rate in half to 5%, reported Reuters. Minister of Economy Sultan Bin Saeed Al Mansouri said it will be a 'big challenge' to reduce inflation, adding that the UAE currency's peg to the dollar is 'contributing' to record inflation. The government plans to cap prices on 16 basic items and offer discounts at state-owned supermarkets. It is also considering building a strategic food reserve for six months to control prices, he said.
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Jeff Florian, Senior ReporterWednesday, March 12 - 2008 at 14:00 UAE local time (GMT+4)
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